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20121201
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a look at the bond curve. spain, this will be a good proxy for now. we'll get the ten year for italy in just a second. 35.34% is the level there. u.s. benefiting from fund flows well. choppy trade across the picture here. let's look at the italian curve before we get the results later today. we are seeing green across the board, so yields dipping before that probably has more to do with the political rhetoric we're seeing especially coming from berlusconi. under 4.6% for the ten-year and on the short and two, a bit of a rally. finally, let's close taking a look at the forex. euro/dollar is weaker. and it's holding just above 1.30. and the dollar/yen, this is the one sixuan mentioned to watch. heading into japanese elections, stocks outperform adding oots .1% to 83.35 this morning. >>> south korea's central bank may be worried about factors in the economy, but the dok says the economy is stronger than it used to be. more on that next. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp o
small to view. i think what really bothers me is spain which i think clearly bothers the whole market. the question, a growth going to fall off a cliff or whether it muddle through and a bailout will be sufficient. as you say, we don't know the answer to that question. that remains the tail risk. until we do get close to a resolution, i'm not going to turn massively bullish. >> what's your view on that? >> i think i go along very much with what he's saying. >> what is your view on what happens to spanish growth? >> i think spain has a lot of problems at the moment. it's not seeing a lot in the domestic market. not seeing it move toward an export. in which case spanish growth is going to be very, very weak for some time to come. >> all right. good to see you. thanks very much. alan will stick around. time to bring you today's global markets report. let's go to asia for the update. >> that upbeat pmi data failed to lift greater china markets. there is pessimism over general lack of policy and also fears that over 800 companies lining up for ipos could further drain liquidity out of the
economies like spain -- >> good or bad surprise? >> no, a good surprise. whereas economies like spain, greece, portugal are likely to stay in recession for the whole year, i would argue there's a high probability that italy will come out of recession towards the end of the second quarter. >> and that seems to be the real concern that is in the market today, whether the political upheaval, even the campaigning by berlusconi could undo some of that progress. >> i think the key point is will the reform programs that have been initiated by the monte government, will they stay intact? i think there's a reasonable chance, they've had a more than reasonable chance that that is the case. yes, it's not surprising, we have the sell off today. it's inest knowledge that as the campaigning builds up, investors will be nervous.. the move by investors back into italian bonds over the next few months, we could see some exits. but i think if we get a sensible election results, and i think we probably will, then the reform program will be intact and the new government will stick to the budget that is g
ftse up 9 out of the last 11. we have seen yields continue to decline in spain. just 5.23%, but still capped. spain requesting financial assistance. we'll keep our eye on the uk as we head toward the bank of england meeting this week p. dollar index has hit a one month low. you're redollar up to euro-dollar up near the high we saw yesterday. dollar-yen moving away from the 7 1/2 month high. rebounding against the dollar and the euro ir, as well. priced in a lot in terms of monetary policy out of japan. and aussie dollar, 1.0463, yes, we have cut the cash rate in australia to match the record low of 3%. but we see the aussie dollar rise because it's pretty much all priced in. sterling-dollar also getting a benefit. back over 1.61. so that's where we stand in european trade. let's recap the asian trading session for the first time today, when you not the last. >> thank you, ross.not the last. >> thank you, ross. shanghai composite recovered from its four year low as property financials, rebounded. shale gas and geothermal plays also rallied as beijing plans to cut its annual coal consum
's largely green behind me. the fits fits mib is atting .6%. the ibex in spain, up 0.8%. and the ftse up about 0.3%. now, some company-specific news this morning, fin mechanica saying shares up 2.4%. this on news they're set to buy sge-avio. safran is also a company considering that change. let's take a quick look at the bond space. we'll get a sense of the kind of trade we're seeing shaping up. it is consistent with flows into the periphery, perhaps out of the core and the risk on move generally that we're seeing this morning. yields up to 4.5 roughly in italy at about 5.4%, respectively. gilt is moving up towards is.9% this morning. the bund yield is still extremely low, so that spread between gilt and bund is widening. look at the euro/dollar. 1 1.3171. extraordinary. we're almost up at that 1.32 level. the dollar/yen is flat, right about 83.88. there we go. a little bit of movement there. the aussie lsh dollar is weaker. the aussie/dollar has been weakening. maybe the researchers of the yen not doing too much to spur sentiment. in any case, let's get the latest out of singapore. >> g
in the harder hit regions. ftse mib, spain up better than 1%. consistent with the rally we saw yesterday. remarkable. the xetra dax adding .1%. for its part, up to close to 30% this year. the ftse 100 adding .3. the bond space, we'll look at that and talk later about the big trades that have helped some hedge funds, for example, when it comes to greek debt. for the time being, mario's comments this summer is have techively kept the bond gleelds a tight range since then six months or so now, this is going. and differentiation across the space where italy price rising, not the case for spain which is seeing its yield up to 5.3. and i know we haven't mentioned this in a while, but i want to draw your attention here. the ten-year gild in the u.k., 1.957%. extraordinary. we're not off the 2% market in the spread, widening significantly. coming up on the program today, the count is set to get underway in south korea following general elections. we'll head to seoul to find out whether the country could elect its first female leader. >>> the bank of england releases minutes from its latest polic
bond denominated in the strongest currency in the world, the euro, paying 5.5%? i'll take spain over the united states at this point any day. >> all right. >> so don't agree at all. do not agree at all. look, retail sales in spain are down 9.7% year-over-year. they're seeing the biggest bank run in spain the globe has seen since the great depression. youth unemployment in spain is 55%. there is not a good reason to own spanish bonds here. [ overlapping speakers ] >> last time we were on together you were saying the world was going to end because greece was going to default and leave the euro. it's all over. europe's fine. just give it a break. that was last year's story. [ overlapping speakers ] >> europe is not fine. spain is in significantly worse position. they've taken on more debt into deteriorating economy. you tell me how that translates to this has all been fixed and this is all solved. it's not solved at all. [ overlapping speakers ] >> spain has about the same debt to gdp ratio as germany. that good enough for you? >> [ overlapping speakers ] >> hang on, fellows. let's not
a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here because the dollar/yen was lower. it has regained some ground in the last few hours or so. the kospi shedding about
concerned about france and spain than i am about italy. >> we'll talk about those. >> let me add asking. if italy is in this situation now, it relied on the easy way out. and politicians, including berlusconi, didn't have the foresight to see that. >> thank you so much for coming by. >>> staying at the eurozone, investors will be watching for anything coming from the italian crisis. the results of the spanish bond actions are due around 12:40 cst. hsbc was hit with a $1.9 billion fine. the ceo said we accept responsibility for our mistakes and are profoundly sorry for them. >> a full year loft loss of 4.7 billion euros, thinksen krup has more details. >> they are starting to look at the positive of what i would call a -- strategy, i.e., a clean sweep when it comes to the business strategy of thyssenkrupp as well as the instruct occur and the refocusing on being transparent and definitely being something shareholders should trust. so no dividends, jobs may go and the sale of celiamerica being looked at. the cfo says there's a handful of interested parties in that particular party of the
. >> it is a rare thing for you. hang around long enough, it will go your way. thanks for that. >> cheers. >>> spain. the treasury is setting up three, seven, and ten-year bonds. they're now pre-funding for 2013. we've got the results of that in around about 30 minutes. >>> and china and india secretary growth slowed in november. analysts say china and india's nonmanufacturing team expected to improve thanks to a hiring boost in the mainland as well as strong new orders in india. at the same time, china's new leadership, as we pointed out, has laid out some fresh directives. >> these are some pretty sweeping reforms making china's famously inefficient bureaucracy more efficient. it's an effort to "win the confidence and the support of the people" as public backlash rose against the special treatment of politicians. so a new list of dos and don't's for chinese leaders. on the do side, cut down on giving face. the art of extreme flattery or reverence, which results in some very long meetings and speeches. keep them short and cut down on the lavish feasts. he's also encouraging more travel to rural par
, adding about .1%. take a quick look at the bond space, the yield for spain and italy is moving higher today. but roughly as relevance we've seen predominating over the last couple of weeks. that is around 5.3% for spain. 4.5% for italy. we did see guilds moving about 3% level. now back below 1.9%. stick around because straight ahead, we get a view from one economist who says the weaker yen team is going to continue into the new year and offer some strategic calls. >>> as europeans get back to trading equities, let's get a sense of what we might see in the markets today. chris joins us from ibg group. chris, good morning. >> morning. >> we've seen a pretty quiet couple of days here. we've been talking about strength in the dax and whatnot. what's on your radar screen? >> as you say, it remains a fundamentally quiet day. unfortunately the fiscal cliff is dominating everything, really, what little traders are doing is being over-shadowed by the lack of movement, rather, in washington. >> and we've just heard allen capper who is with us talking about more volatility in the first quarter.
. and, of course, it is recognized. >> what's your view on spain? the country managed to avoid bailout so far, but will not meet its deficit target for the full year. do you think spain should be given more time? >> well, first of all, i think that, again, spain is going in the right direction. when you look at the current account, the deficit, you see that it had been diminished massively since the peak that they had in 2008, 2009. and, you know, as a very short summing up, it's been divided by more than five, though it's very, very encouraging. on the other hand, you have unit labor costs which have been diminishing quite a lot and the exports of spain are very dynamic today. so it also demonstrates that hard work is being done. it's difficult. it's tough, but going in the right direction. i trust that the global observers are observing progressively and the adjustment is proceed. in spain and in all the countries that are under adjustment. >> now, lonmin's ceo ian farmer is stepping down while being treated for a serious illness after being first admitted to hospital back in august.
half a percent, as well. take a look at bond yields. we looked at that auction yesterday from spain. they raised 4.3 billion. years went lower. nevertheless spanish yields today 5.4%, slightly lower from where we closed, but they did move up substantially after a handle of 5.2. we'll keep our eye on gilts, as well. we'll look ahead to the bank of england. nothing expected from them, of course. 1.8%. david miles was the only man who voted for more qe at the last meeting. as far as currency rates are concerned, euro-dollar at the moment 1.3068, just below the highs during the says. dollar-yen fairly contained. sterling-dollar steady 1.61. so pretty much as you were on some of those compared to this time yesterday. so what about the sazian session? only one lady to tell us. >> thank you, ross. asian markets ended mix. japan's bourses outperformed the region. despite a slight improvement in november corporate sentiment showed weakness. knee sap finished lower as they planned to recall nearly 50,000 cars in japan. shanghai composite pulled back after yesterday's 3% surge. investors booke
a recovery occurring in the eurozone, nkts look forward to 2014 and beyond. >> spain? >> for sure. >> when? >> probably in the second quarter. >> that's an interesting idea, all at once. david owens from jeffries, thank you so much for stopping by. >>> straight ahead, economic policies for next year and what is in store for markets if it mean slower, short-term growth? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground at fedex of. >>> shinzo abe wastes no time on calling on the bank of japan to ease interest rates. >>> get a little, give a little. reports say john boehner may be willing to raise the tax rates on the rich if president obama raises the cuts. >>> and corporate news weighs on sentiment in europe. kpn shares fall as the dutch telecom group scraps the divide dividend. >>> okay. we're into new trading week here. the xetra dax and the french mark
an eye on it, it is falling a little bit. 1.95% after a soft set of uk retail sales figures. spain, italy, moving higher, but not too much of a move there. 5.3%. and 4.4 for italy. now, forex rates, the euro/dollar and the yen has been in focus still in the last several trading sessions and that continues today. 1.3230 is the level. the yen, though, is giving back about .5% after the bank of japan's quantitative easing plans, pretty much flecting a buy the rumor, sell the fact move. now, house republicans plan to bring their tax bill to a floor vote today. this as tensions over the white house over the fiscal cliff have started to rise. it's unclear what the bill, known as plan b, will look like. house speaker john boehner has reportedly added spending cuts to convince members it will be worth the vote. president obama has threatened to veto the bill. the president says he's puzzled by what's holding up budget talkes and that house republicans should stop trying to score a point against him. >> take the deal. you know, they will be able to claim that they have worked with me over the last
there. >> yeah. >>> coming up in the program, spain's biggest export. an analyst who says shoppers are ready to spend. >>> and the vice president hugo chavez's cancer operation that was successful. heel be in miami to speak -- we'll be in miami to speak to an an lifted who talks about the transition of power. >>> plus, joined in studio by the ceo of japanese merchandising giant sanrio. what will the man in charge of -- yes -- hello kitty have to say about holiday spending? that's at 5:20 eastern. 11:20 central/european time. >>> u.s. budget talks have intensified. president obama and house speaker john boehner spoke by phone tuesday after exchanging new proposals. aides confirm the president gave boehner a revised offer on monday, reducing demand for new tax revenue from $1.6 trillion to $1.4 trillion over the next decade. boehner responded with a plan that largely sticks by his original offer a week ago. reports say the white house has told republicans it would include an overhaul of corporate taxes in any budget deal which it hasn't put on the table before. in an interview with a
's the bund or even yields in spain are falling as prices rise a little bit. so there is light at the end of the tunnel according to our next guest. he says the global economy is close to reaching its weakest point before recovery sets in. he's robert cohen, chief equity strategist. woke. >> good morning. >> we just heard rob doddson talking through some of these results. unfortunately, we saw some signs of weaker demand, especially global demand in these reports. but perhaps what is consistent with what you're saying, why is it your view that that is going to happen? >> sometimes you need to pull away. you move away from the fundamentals a little bit on the month to month improvements. if you look at 2013 as a whole, the big headwinds you've had in a number of years, fiscal austerity is largely the sarp in europe year on year. 2014, that comes up quite quickly. 2013 is largely going to be the final year of the crushing deleveraging if you like on the european banks. so essentially the whole theme of the aurm is 2014 should credibly be the first recovery year we've been in years. >> 2013?
. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to close out the year. the bond wall gives the sense for what kind of wall dominates. we're seeing bond yields move higher. investors are exiting the asset class today. italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading sessions. for more on what to expect from markets today, we're joined by chris meyer, managing director and chief strategist from loop capital markets. chris, good morning. we wake up without a deal.
] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to squawk. happy monday. today in the "wall street journal" suggesting netflix could end up doomed with its success with children. netflix just for kids get more popular. companies like viacom get accurate. companies provide netflix with most of its content in a kids' focused section. the journal says at some point the suppliers will probably want to charge netflix more or they might even stop selling to netflix. that's been a huge problem for them when it comes to contend more broadly. >> time for the global markets report. kelly evans standing by in london. you rise above over
things that are important until they're not. we were terrified that spain and italy couldn't pay their bills. we knew these companies could not bring down taxes. it turns out that we were afraid that these bonds were bringing the whole world down and we should have been buying them. the europeans offered sensible plans and responsible governments stepped up to increase taxes and cut benefits. if you had been able to borrow a ton of money to buy them it would have doubled. it may have been the single best investment of the 21st century to date. we are gripped by a similar hysteria about our own country. the fiscal cliff is like what they had in europe. we need to look for companies being obliterated by the cliff. banco santander was perceived to be the biggest loser. but it turned out to be an amazing trade. the stock traveled to $7.72. i don't think it's done. charitable trust is buying a major midwestern lender. stock has been sliding every day. key is now under $8 and i can tell from the trading in the name it is not going to happen just yet. there are sellers everywhere. the o
, which the germans said they should do, they should have done three years ago they'd be better off. spain is the immediate problem, you have 26% unemployment which is non-performing loans. >> we have to go, 2,200 pages of health care, i'm sure the notes spain's taken how greece has got money at every turn, their pile is a bigger pile than the health care plan. >> i could listen to you guys talk all day long. that was a great conversation. yra, rick, thanks so much. see you in a bit. >>> zynga stock popping. julia boorstin is live in l.a. with more. >> good morning to you, carl. this is the first of many steps before zynga can make money from online gambling. applying for a real money gaming license in nevada is a sign of zynga's seriousness creating new revenue streams. it sent it up as much as 9% higher today. the company warns it will take as much as a year and a half to get approval in nevada but the biggest step of all is a change in federal law, and if online gambling does become legal nationwide, zynga is sure to face some big competition from the casinos. zynga is struggling to sel
in spain. our road map begins with what appear to be significant progress in the debt negotiations overnight. a whose proposal looking to raise rates for those making more than $400,000 a year. but senator corker on squawk just poured a bucket of ice water on those hopes. >> whitney boosts her recommendations on citi, bank of america and discover financial. is that move by one of the more famous financial bears, a sign of a new era for banks? >> walmart is once again the target of a "new york times" investigation. but does the paper add anything new and can the stock outperform just as it did last time. >> private equity firm server said it will sell the firearms conglomerate. is private equity talking about guns in the country. >> futures moving higher on optimism. the white house republicans rising above partisanship, getting closer to striking a deal on the fiscal cliff. we have the latest on not just the breakdown of this offer, but by the response of some key senators this morning. good morning. >> yeah, that's right, carl. we saw the offer come in late last night and now we'r
so far. europe is moving things. not the united states. spain also by the way we didn't talk about this they officially asked for european funds to recapitalize their banking sectors. that's also a bit of good news. i want to talk about china because i got a lot of calls and questions about my comments last week on china. have you noticed we got good news on the manufacturing overnight on china. better than expected. november better than expected. the pmi numbers. guess the whole world went up. korea went up. everything went up except china. a lot of comments last week about what exactly is happening in china because china -- mainland china stock market is among of the worst performers for the whole year. we're down 11% in shanghai this year. hong kong is up 18%. how do you explain this? this was a huge debate in the last couple of weeks and of course a lot of people are@@ pointing to the fact that there's less stimulus than expected coming from the government. they haven't said anything but that's not the problem. this has been going on now for months and months on end. selling sh
than greece, more than spain. but conversely, china, if gdp is coming back, they are in what many consider to be a sweet spot. >> the numbers came out saturday for china. i think italy has been remarkably good. so this was a big game changer. italy had been a part of the good story of european recovery. now it's back. >> all to monti was never intended to be there for the long term. >> sure. >> in fact, he may be leaving a month earlier than originally planned. this should not be a surprise in the larger context. while we may mention berlusconi's name right now, he's not expected to win. >> look, we knew that monti was successful. >> it may be whoever follows him is going to roll some of the gains that he's had. so-called gains. >> that's going to cause ripples here. look, on saturday night, i said, we're going to have a nice opening. china's good, people know that monti is not really going to hurt italy. i think if china continues the momentum, but the number -- >> the ex sports were less than expected in the month of november. which is a concern. then there's this perverse glass
seems to be fixed. it's fixed. even though they're in a bit of a recession, a lost generation in spain, are they really fixed? we'll ask mark grant the tough questions bottom of the hour. , we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> facebook experiencing its fourth lockup today. today 160 million shares hitting the market. our next guest is an author of the book "the facebook era" clara shih the president of a company that has enterprises with large store networks on facebook linked in and other social networks. welcome back and good to see you again. >> good to see you. thanks for having me. >> i wonder what your take is short term on the lockup expiration. we've had it both ways this year. where
we go, ah. but it is amazing. nothing we can do. >> we're afraid spain is going to come -- spain was supposed to come to market. italy, oh, my, what happens when italy -- it turns out you had to take it down. i know that john corzine, very controversial figure. that's a code word. but what a trade they almost had. in the news again today. >> almost. >> horseshoes, hand grenades. >> we should point out, gm was certainly not having the easiest of times of it. this morning's stock is up sharply, we're telling you why. the company will buy back at a premium to at least what was the market price as of yesterday, 200 million shares from the government at $27.50. that having the effect of sending the stock above that. why not, if you're gm, you've got all this cash sitting on your balance sheet. you're earning virtually nothing on it, why not take the opportunity, even at a premium, to buy it back by as much as 11%, shrinking the cap by that much. we heard from tim massad who runs t.a.r.p., they'll be dribbling out the shares over time. the next 12 to 15 months. similar to the strategy
in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> this is a live television feed from inside the white house. we are told the president will address the country shortly on the fiscal cliff. as we await what will be presumably a market address, let's start shuffling through where we are in a moment. we kick off with mary thompson on the floor of the new york stock exchange. mary? >> john harwood has been reporting throughout the morning and gifting lift throughout the day, the dow off 54 points and we are seeing gains in material stocks and also tech stocks getting a nice bid into today's session. you can see the gyrations in the broader market reflecting different
over the weekend. the ibex down over the weekend. so spain and portugal, seeing its index down over more than is % is showing its concern. joe, the ftse is at least holding up relatively better. it's down only .3% today. these losses follow a trading session that was setting up to be relatively strong. we saw asian stoxx doing decently well, so just kind of underscores how unhappy the market is this morning with this news out of italy. look at what's happening with debt. as we check in with bond markets, the italian tenure is seeing its yield rise. 4.88%. i know it doesn't seem that high, given some levels we were at last year. but if you consider that we've risen, i don't know, in the range of 30 to 40 basis points or .3 percentage points just on this news, it is pretty significant. spain, same thing, we're seeing 5.67 about the level there. other bond yields are benefiting as a result. back over to you guys. i'm sure carolin, too, can help us try to understand now what this all means with mario monti potentially still involved with the next eye toolan government. that may help rea
way or the other, we will. >> remember when we used to talk about spain? italy? >> the good old days. spain was borrowing at 7%. >> germany went to the five-year high. we could have that, too. unlike them, our economy is not in tatters. they go five-year high on tatters. audi, good car. >> yes. good car. >> meantime, shares of costco this morning up in the premarket. warehouse retailer earned 95 cents a share in the first fiscal quarter. revenue, profit margins beating forecasts helped by rising sales. those higher membership fees did hike fees a year ago november, which doesn't happen very often. the journal today says, model looks great. the business is great. the stock is just -- people want to pay a lot of money for it, jim. >> oh, yeah, costco, those are remarkable numbers. i know you did an excellent special on coastco and it seems like the execution was impressive. people want to go there. >> as gas prices come down, that helps them, given they make it a bit of a loss leader. valuation rich for your blood. >> when you go to buy a house, you see kirkland more than any other bra
the board as investors did show up. if we flip over to spain in particular, we can take a look at the three-year over here. a bid to cover ratio of 4.8%. one indication certainly of the kind of indications there are where the ecb is expected to be the most active if and when these countries have to access their bailout programs. now we're seeing prices in spain sell off a little bit. the ten-year, just under 5.4% is the level there. for the longer dated papers, investors are a little bit more wary. now, that news coming out of the euro group meeting, i wanted to show you the euro/dollar as we wrap up today's global market support. it's still down .1%, 1.3056. that would tell you that the resolution is largely priced in. now as focus moves into the start of next year, a couple of the key questions will be how much mario draghi follows ben bernan bernanke's caps, maybe even cutting into positive territory. expect to hear plenty more about that in the weeks to come. but for now, some resolution means this is front and center for these fiscal cliffs. back over to you guys. >> kelly, have your b
the cliff that is force austerity, that is firing people. look at spain when they got serious. italy. it meant a lot of firings. he says i see what we are going to do follow these countries that have fiscal responsibility a lot of people are going to be fired. don't worry, i'm going to do my best. what what are you going to do to keep people employed? >> keeping the heat on congress, came up a number of times, of course energy the press conference that followed the fed announcement but unclear what impact it will have. >> and as far as ben bernanke can do only so much he can do we all know the market's addition to the additional stimulus and the more -- increased transparency in terms of what the fed is going to target in the future, that causes the stocks to go up for maybe an hour's worth of time and then resume trading as if nothing happened. >> in the years i have been following the fed there is always a strange dichotomy, seems like the market initially gets everything wrong. but what i have always felt, in the end, we take solace, if the fed says things are getting better we ge
and spain. our road map starts right where we were months ago, waiting for the 112th congress to agree on a debt reduction package. the senate convenes at 11:00 a.m. >> the dow had its worst day in a month on friday. set to close december with a loss. the question is, does it continue to sell off if there isn't an accord in congress. >> we will always have china. manufacturing pmi data from last night is the best in 21 months. can we finally say the chinese economy has been stabilized. >> but of course, we start in washington. as you know, congress comes back today. the house gaveling into session now with legislative business starting at 10:00 a.m. the senate returns at 11:00 a.m. eastern. there are only a few hours left to get a deal done. eamon? >> you're already hearing people talk the way they talk on new year's day. a lot of people wish they could go back in time and do things differently. that's the way people are talking in washington about this fiscal cliff. feeling as if this thing suddenly got off the rails. take a listen to mitch mcconnell last night talking about the pace
in the likes of portugal, ireland, some even to some degree in spain and greece. and that wouldn't have happened without the pressure in the markets. >> obviously. jim, we want to thank you very much for calling in on this new year's eve and wish you a happy 2013 to you, as well. >> happy new year's to you guys. good luck to you. >> things. >>> coming up, we're going to calm to some politicians and congress people. we have shelly moore-capito and congressman greg meeks of new york will join us on the show to talk about the biggest sticking points. at the top of the hour, vice chairman and republican policy committee chairman tom price will be our special guest. "squawk box" coming right back. this is america. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero heartburn. impact wool exports from new zealand, textile production in spain, and the use of medical
. take 15% youth unemployment in spain and compound that with the fact they stop having babies. what happens in a generation or two. >> i tell you, bill, you got me thinking, i encourage readers to read this. in some of the biggest developed economies pushed the most growth are below a 2% utility rate. this has to be dealt with at some point. back to you. >> thanks, rick. >>> road trip and big bank is in highways an byways in the road for yield. we'll explain how. and actually. the lexus december to remember sales event is on. this is the pursuit of perfection. stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com
and what's happening in britain and spain and elsewhere, they have embarked upon deficit reduction. and what that has done is contract their economies when they still have very high unemployment, very high under utilization of a lot of resources that. means that their ratio of their debts to their total economies keeps on getting worse. if you want that kind of economy, that kind of austerity economics, well then what you want to do is raise taxes on the middle class and also cut government spending. if you don't you don't go that way. and casey, with all due respect, there are three people looking for jobs for every job opening these days. i don't see how you can say that they're being paid for not getting jobs. >> casey, why don't we put some incentives into this economy? why don't we make it pay to work after taxes? why don't we make it pay more to invest after tax? while we're doing that, casey, why don't we shrink the size and scope of government so that the private sector can keep its own resources and spend up more wisely than the government will? >> well, you're asking me t
the lines of what spain did or ireland or greece, cut back our social programs dramatically. we'll have to do what the rest of europe will do over time, which is accept a lower standard of living forever everybody which is why the longer-term plan is so vital, not the short-term craziness. because everybody knows he we can't keep providing americans with the current level of services unless we raise taxes in a big way on erin and cut spending somehow. even the democrats are unwilling to consider that kind of tax cut. that's why long-term spending cuts are so important. they figure into the job creation of the next 25 to 30 years, and the ability of people to stay out of poverty longer term. in the meantime, you can't get the growth needed for government receipts to go higher even in the near term. put simply, if you got someone from honeywell or eaton or celgene in the rule, explain the impact. the imperative would be to get this fiscal cliff done before vacation. hey, listen, yes, no vacation without legislation. because the longer the delay the fewer reasons to start a business and th
in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefull. with investment information, risks, fees and expenses to the best vacation sp(all) the gulf! it doesn't matter which of our great states folks visit. mississippi, alabama, louisiana or florida, they're gonna love it. shaul, your alabama hospitality is incredible. thanks, karen. love your mississippi outdoors. i vote for your florida beaches, dawn. bill, this louisiana seafood is delicious. we're having such a great year on the gulf,
? we believe that every time italy and spain would have to raise money, do those deals, interest rates would shoot through the roof, bankrupting all involved, sovereign countries, companies, banks. instead, by letting cooler heads prevail through can kicking, smart private sector investors kicked the tires, not the cans, and they bought the debt. hit home runs every time they did. as rates came down hard, courtesy of bank backstop that did work. the europeans realized if they stopped the can kicking game cold like so many investors claimed they had to do, well, europe would go into severe depression. they didn't want that kind of austerity, their leaders bought time by kicking the can and that's what was most needed, time. they bought time. how well did it work? considering rates are not only not dramatically higher, they're dramatically lower, and the euro right now, strongest currency in the world. hmm, i thought the euro was supposed to vanish by this time with the secret sellers around the country. i thought greece was supposed to be kicked out of the union. instead, my advice, do
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that was in terrible shape to begin with and i think you have a lot of austerity fatigue going on spain, italy, portugal, certainly greece. so you have those economic woes. the euro is not going to thrive and it may survive thanks to the ecb, but you're not going to get that economy to thrive, and the fiscal union ask those are very slow going and though they may be moving quickly by european standards and i've been given the magnitude of the problem going very slowly. >> how should people be thinking about this? the average american, and they've been hearing about it for so long and they're not sure it will affect their pocketbook. do you think they will? >> and there's this incredible chance that greece will leave and the dominos will begin to fall. i think that's unluikely to happen as long as the ecb is willing to support that currency, but will it thrive? will those economies boom? i don't think so, i think it will be another year of recession and you will find individual opportunities and the stock picker's market and far as it's a strong growth, they're not there yet. >> thanks so much
maybe, the worst is finally past, there's some hideous headline out of greece or portugal or spain or italy that the comes back with a vengeance and the s&p gets bashed down by a torrent of selling. that's why it's so important to prepare yourself and your stocks for the next catastrophe around the corner. expected or unexpected, so that you can make money in any market, or at least lose less and not just when things are going smoothly. you have to build this stuff into what i call your world view. you have to assume that somewhere, sometime, something will go wrong. i'm not saying you should be a super skeptic perma-bear, not at all. over the course of my 31-plus years in this business i've seen the averages climb way too way, watched the market make people way too much money to ever be that cynical and close-minded. being negative all the time has not historically been a lucrative strategy, and i don't see any reason why that should change now. there are a handful of incredibly smart, professional short sellers, hats off, able to turn pessimism into profits but i don't recommend
had a 1.75 yield close. if we look towards spain and their 10-year, there isn't a lot to see on this intraday chart except for we've heard a lot about buy-backs and how great it is. today we had a public auction and they didn't show up for the entire amount. a dozen basis points isn't huge and these levels around 5.40 are a lot lower than they've been but this is something to pay attention to. >>> super storm sandy and anxiety over the fiscal cliff affecting job growth. adp showing the private sector created 115,000 positions last month. the expectation was about 125,000. it comes ahead of friday's key employment report and to talk about that and more, our senior economics reporter steve leisman joins us from washington. steve, we'll talk about your interview with secretary geithner in a moment but let's talk about those economic numbers. what about today's, what about friday's? >> before i get to the adp number, i have new information i've been able to report on the way down here from new york. that is, be prepared on friday for potentially, especially in the household surve
it was dubai and bp oil spill or greece or spain or the deleveraging or foreclosures. any of these things that we're supposed to take us out and yet we keep moving. i think the fiscal cliff is another one of these. >> let me ask you about the timing then. deutsche bank had a note out yesterday where they suggested that central banks have bought us a six months of time on the markets. if pmis do not improve, will we see growth? what would you say to that view? >> i mean, i'm pretty simple on this. i do not believe and we could debate this probably all day that quantitative easing itself has helped the economy at all. banks put that money right back to the fed as excess reserves. it hasn't boosted money in the economy. i don't believe that we've seen a false rally or sugar high. i think the growth in the economy and growth in the markets has been driven by productivity and profits. i think it's real. it's slow. it's real. we're going to have a weak fourth quarter. i believe most of that weakness is because of sandy. we're going to pick up later in the quarter. we'll have 2.5% to 3% growth n
the various government actions. look at wages in greece and now spain. wages in greece are down more than 25%. very painful, but we've heard about the pain already. what we haven't heard so much about is the competitiveness. >> enor husband costs with incredibly high unemployment rates. >> that i'm afraid is what's going on and that's extremely unpleasant. what i'm saying in terms of market action is we know about that, we're focused already on the unemployment, we're not focused on the wage improvement in competitiveness. >> all right giles, more to come from you you. also we'll hear from the stars of les mis about why the classic story will resonate with the current economic climate. and later in the program, we'll also hear from the nigerian finance minister about the resources boom. but you what about the corruption issue. and we'll also hear first from apple's new ceo tim cook about steve jobs' legacy and his future plans for the tech giant. plus of course we'll continue to keep you updated on the reaction and the latest dealings from the earthquake in japan. >>> a 7.3 magnitude earthqu
has zero nominal gdp grets. and they're funding at 4.5%. that is a bad business model. spain same story. so when you bnk our package and what's been offered so are far which appears like $1.6 trillion in tax hikes against $400 billion of entitlement cuts over time, that's an even worse mix than the two-thirds/one-third european structure that really has gotten a negative reaction. >> how much is because of the mix and how much of it just this is what austerity looks like? >> is the money in capping deductions or raising marginal tax rates? it's in capping deductions. but that's tough because you have to tell someone no like the housing lobby or charitable contributions. >> capping deductions seems line the easiest. >> it should be, but remember, you'll have lobbyists pushing you on it. so that's tougher decision rather than raising taxes on one small part of the population and then on the spending side, making those long term spending cuts is the only way of stabilizing debt. the sink guegle biggest driver medicare. so if we don't make those tough decisions now, all we've done is
now. xetra dax up a quarter. cac 40 up around two thirds. ibex up half of 1% as well. spain have officially applied for bailout money. it is keeping yields well contained at the moment. 5.25%. a long way below that 6% level. italian yields also very well contained. lower today 4.41%. and the betting now is can spain keep from having to go for an official omt bailout to beyond the german elections which is scheduled september to october next year. so that's the game we play despite they have will have i issuance in 2013. gilt yields, chancellor statement coming out tomorrow. construction pmi today a little bit weaker. concerns over the uk economy. so we'll see how investors take to what's probably going to be a loosening up of the budget targets the chancellor set when they came into power. so we'll keep our eyes on that. and at the moment today, more talks in brussels. the greeks now getting their buy back program approved 37 trying to sort out a single supervisor. i think these talks will be fairly tricky because there is a majority who bt with a tant the be supervisor for all t
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